Gold prices today gain amid rush to preserve capital

Gold prices today gain amid rush to preserve capital

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Gold continued to outperform on Thursday as fast rising coronavirus cases in India despite strict lockdown measures, increased worries of the investors, triggering a flight to safe haven.

Investors are keenly watching the situation as Covid-19 cases have climbed past 20,000 mark with no sign of relief. The total number of reported Covid cases were at 20,471, as per the government data.

Gold futures were up 0.61 per cent or Rs 283 to Rs 46,450 per 10 grams. Silver futures added 1.54 per cent or Rs 640 to Rs 42,326 per kg.

Spot gold markets remained shut due to the lockdown to prevent spread of the novel coronavirus, according to HDFC Securities.

Globally, gold prices edged lower after a sharp rise in the previous session, as equities regained some footing and the dollar firmed, although hopes for more global economic stimulus measures underpinned bullion.

Spot gold eased 0.2 per cent to $1,710.23 per ounce by 0034 GMT, having risen as much as 1.9 per cent in the previous session. U.S. gold futures slipped 0.2 per cent to $1,735.30.

SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, holdings rose 0.9 per cent to 1,042.46 tonnes on Wednesday.

Palladium gained 0.3 per cent to $1,944.56 per ounce, while platinum declined 0.9 per cent to $750.69 and silver fell 0.9 per cent to $15.02.

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